The UAE will liberalise domestic gasoline and diesel prices from August 1, the energy ministry said in a statement carried by state news agency WAM on Wednesday, 22 July 2015.
Domestic fuel prices are currently among the lowest in the world because of heavy state subsidies. Allowing prices to move more freely would reduce pressure on the state budget and could be one of the UAE’s biggest economic reforms in recent years. The reform will support the UAE economy and save fuel, the ministry said.
UAE Minister of Energy Sultan Al Mazroui said deregulating fuel prices would help decrease fuel consumption and encourage individuals to adopt fuel-efficient vehicles, including the use of electric and hybrid cars.